Machine Condition Monitoring Market to Reach US$ 4.6 Billion by 2030, Driven by Growing Demand for Predictive Maintenance and Industrial IoT
Rationalstat LLC
9 min read
Rationalstat LLC
The global machine condition monitoring market is expected to touch US$ 4.6 billion by 2030, with an annual growth rate of more than 5.8
Wilmington, Delaware, Nov. 19, 2023 (GLOBE NEWSWIRE) -- Global Machine Condition Monitoring Market is valued at US$ 3.1 billion in 2023 and is expected to grow at a significant CAGR of over 5.8% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
The shift towards predictive maintenance strategies is driving the demand for condition monitoring sensors. Organizations aim to detect potential equipment failures before they occur, minimizing downtime and optimizing maintenance schedules. In addition, the integration of sensors into the Industrial Internet of Things (IIoT) ecosystem facilitates real-time data collection and analysis. Machine condition monitoring sensors play a crucial role in providing data for predictive analytics and decision-making.
Furthermore, continuous advancements in sensor technologies, including improvements in accuracy, sensitivity, and reliability, contribute to the effectiveness of machine condition monitoring systems.
According to a deep-dive market assessment by RationalStat, the global machine condition monitoring market has been analyzed on the basis of market segments, including frequency range type, product type, end user, deployment and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
Market intelligence for the global machine condition monitoring market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global machine condition monitoring market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
GlobalMachine Condition Monitoring Market: Segmental and Market Share Analysis
On the basis of product type, vibration sensors are anticipated to dominate the machine conditioning market, principally due to the fact that sensors are mostly used in predictive maintenance and it has been observed that vibration is one of the most reliable indicators for machine failure.
Report Synopsis
Report Metrics
Details
Base Year
2023
Forecast Period
2023-2030
Base Year Market Size
US$ 3.1 billion
Market Size Forecast
US$ 4.6 billion
Growth Rate
5.8%
Key Market Drivers
Rising emphasis on predictive maintenance
Increased focus on equipment efficiency and productivity
Sensors offers cost reduction through condition-based maintenance
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global machine condition monitoring market include,
In January 2023, Honeywell partnered with Nexceris. The partnership focuses on developing automotive sensing technology to support in the prevention of thermal runaway in EV batteries, which has the capacity to evoke a fire.
In October 2022, Emerson introduced ASCOTM DPT Control System. The new system provides accurate, and low-level particulate monitoring, early warning leak detection, among others.
Some of the prominent players and suppliers operating and contributing significantly to the global machine condition monitoring market growth include Emerson Electric Co., Honeywell, Rockwell Automation, SKF, Schaeffler Group, GENERAL ELECTRIC, NATIONAL INSTRUMENTS CORP., Fluke, PARKER HANNIFIN CORP, and Siemens, among others.
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
Defining the problem by understanding the type of market and data required by the client.
Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
Evaluating and analyzing the data by referring to data sources utilized and leveraged.
Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
